New Luxury Car Tax to Force Australians to Adopt EVs

Published on December 14, 2023

Australians will soon need to switch to an electric vehicle (EV) or a hybrid car if they want to avoid the luxury car tax in 2025. In the newly released 2023-24 Mid-Year Economic and Fiscal Outlook (pdf), the federal Labor government introduced a major change to Australia’s luxury car tax (LCT) in an effort to “modernise” it. Under the current tax system, the government imposes a 33 percent tax rate on vehicles with prices above $76,950 (US$51,600). The price threshold is higher for fuel-efficient vehicles (consuming seven litres of fuel for every 100 kilometres) at $89,332. However, from July 2025, the government will change the definition of “fuel-efficient vehicles” by halving the fuel consumption rate from seven to 3.5 litres per 100 kilometres....

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